2024

United

Bitcoin

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<p dir="ltr">Justin Sun, Founder of the Tron network, has&nbsp;<a href="https://x.com/justinsuntron/status/1808828661401072092" rel="noopener noreferrer nofollow">made a proposition</a> to negotiate with the German government over the&nbsp;<a href="https://u.today/germanys-bitcoin-sell-off-spree-grows-with-28274-btc-to-bitstamp" rel="noopener noreferrer nofollow">continuous sale</a> of its massive Bitcoin stash.</p>
<h2 id="justin-sun-motivation">Justin Sun motivation</h2>
<p dir="ltr">According to Sun, his primary motivation is to prevent the negative impact of the sell-off on the broader market.</p>
<blockquote>
 <p lang="en" dir="ltr">I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.</p>— H.E. Justin Sun 孙宇晨 (@justinsuntron) <a href="https://twitter.com/justinsuntron/status/1808828661401072092?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 4, 2024</a>
</blockquote>
<p dir="ltr">The German Federal Criminal Police Office started selling some of the Bitcoin proceeds it confiscated in May. Thus far, the government has offloaded over 9,641 BTC worth more than $550 million on cryptocurrency exchanges in small tranches.</p>
<p dir="ltr">While its Bitcoin holdings pale in comparison to the broader circulating supply, the market sentiment to this sell-off is rather erratic. Earlier today, the German police transferred 1,300 BTC to Kraken, Coinbase and Bitstamp, a transfer that triggered a massive sell-off in the price of the coin.</p>
<p dir="ltr">At the time of writing, the Bitcoin price has lost its edge. The coin is changing hands for $57,400.54, down by 4.58% in the past 24 hours. This is the first time since mid-March that the price of Bitcoin will be trading as low as $57,000, a trend that does not speak well of network health.</p>
<h2 id="way-forward">Way forward</h2>
<p dir="ltr">It remains unclear whether the German government will be open to discussing it with Justin Sun. With more than 40,000 BTC left in its portfolio, the government still has a sizable amount of Bitcoin to offload on the market.</p>
<p dir="ltr">The market may grow a thick skin as concerns the occasional sell-off from the government. This is a survival strategy, especially because more dumping is coming into the market soon.</p>
<p>Like the German government, the United States government is also&nbsp;<a href="https://u.today/silk-road-bitcoin-sent-to-exchange-proclaimed-illegal-crypto-advocate-enraged" rel="noopener noreferrer nofollow">offloading its stash</a>. This governmental sell-off might be complicated by the expected&nbsp;<a href="https://u.today/bitcoin-plunges-as-mt-gox-starts-distributing-funds-to-creditors" rel="noopener noreferrer nofollow">Mt. Gox repayment</a> and likely sell-off. The market needs its inbuilt resilient mechanism to handle the bearish days ahead, at least until Sun’s offer is accepted.</p>

Justin Sun Wants to Save Bitcoin From German Government, Here's How

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